123 Bridging Loans .co.uk Case Studies

Below are some true case studies. The surnames have been changed to protect the client's identity:

Mr Drew from Torquay was subject to a repossession order and had received confrimation that he was going to be evicted in two weeks time. He had lors of equity within his home and we were able to provide a small second charge bridging loan to clear the arrears. We also helped to file the paperwork to suspend the eviction to provide time for the bridging loan to complete. We will shortly be providing new finance to clear the mortgage and second charge bridging loan (June 2008).

Mr Donovan from Middlesex owned an investment property which was originally a house. He had converted this into two self contained flats and although he had planning permission, they were not drawn up as a freehold property with two seperate long leaseholds. He could not arrange the finance and costs had got on top of him, he had missed mortgage payments and could not finance any money out of the property. We arranged a bridging loan to clear the arrears and give some working capital. The leases were drawn up and we later provided two mortgages to redeem the bridging loan. (Sep-Dec 2007).

Mr Hassle from Wantage, Oxfordshire had been a sitting tenant in a thatched cottage and strangely, the landlord had disappeared. The thatched roof fell into a poor state of repair to the extent that it was no longer watertight. The landlord was eventually located and even forgot they owned the property and agreed to sell it to Mr Hassle for £200,000 although it had a value nearer £350,000. We were able to provide a bridging loan for the full purchase price of £200,000 and then remortgage to £280,000 three months later. This gave the funds to repair the thatch and make other modernisations increasing the value to £400,000!

Mr & Mrs Francis from Stanstead owned a beautiful farmhouse in 10 acres of land with three barns in the grounds. They had gained planning permission to convert the barns but did not have the funds to convert them. We arranged a stage payment bridging loan after the barns had been placed on separate title allowing them to be built and then sold at a vast profit.

Mr & Mrs Rendell from Bradford had received a repossession order from their bank, their home was worth in the region of £160,000 and they had a mortgage of £100,0000. We provided a £20,000 bridging loan to repay the arrears and make some essential home improvements to their home. We later converted the bridging loan into a competitive secured loan and then a year later when the arrears were ignored as they were over a year old, we provided a competitive mortgage to give a lower payment than the current mortgage and secured loan.

Mr Patrick from Edinburgh had built up a working relationship with the owners of a fairly new championship golf club that had properties bordering the course. There were four plots remaining that the owners were keen to sell off and Mr Patrick was keen to develop. We provided a joint venture bridging loan whereby the land was provided as security and a bridging loan was provided for the development in stage payments. The land had a value of £500,000 and it cost £400,000 to build each house, the end value of each house was in the region of £1,500,000 which was shared between the developer and the land owners. This will benefit both parties as the land owners will get more than the value of the land and the builder/developer will not have to invest a penny and will make in the region of £200,000 per plot net.

Mr Erin from Exeter had been declared bankrupt by HM Customs and Revenue for £110,000. His home was worth in the region of £400,000 and he only had a mortgage of £100,000. We arranged a £110,000 bridging loan on a second charge basis which simultaneously annulled the bankruptcy. As this was the only blemish on his credit file he was then able to get a further advance from his current mortgage lender at high street rates. The bankruptcy was completely historic as if it never existed and Mr Erin's credit file remained in-tact.

If you think you need a bridging loan or some form of secured finance, please call us on 0844 357 6350 for an immediate idea of what is likely to be the best solution. Or you can complete our enquiry form without obligation and we will contact you with some ideas on how we can help. If you are sceptical about using an 0844 number you will find standard telephone numbers in our contact us section.

Below you will find links to other areas of interest, including a list of all the bridging loan lenders we use, approximate bridging loan criteria and acceptable security.